Directors have formally pushed back at a proposal from its second-largest shareholder to remove chairman Roger Canham.
In a statement issued today, the directors have said that the suggested removal of Mr Canham – in favour of small shareholder Alexander Anton – is not in the best interests of the company or its shareholders. The statement goes on to claim that the current plan to turn around the business enjoys the support of most shareholders.
According to the Financial Times, the company will call on investors to vote against the proposals at a general meeting in mid-May. The report claims it has already received the backing of shareholders representing a 54% stake, including Phoenix Asset Management, Ruffer and Downing.